Analysts at Morgan Stanley estimated the market for driverless cars will reach more than $800 billion by 2050, with a “bull case” of $2.6 trillion, and came up with a list of stocks most poised to reap the benefits of that growing market.

By 2040, cars that are highly or fully autonomous will cover about 40% of global miles driven, the Morgan Stanley analysts said. And 10 years after that, that figure will jump to 75%, the analysts said.

“We believe that the opportunity in autonomous driving will be substantial,” they said in a note Thursday.

Morgan Stanley’s base-case $800 billion scenario assumes driverless cars that will rely less on pricier wireless data and more on their own sensors, they said.

On the internet side, the Morgan Stanley analysts highlighted Alphabet Inc.
GOOGL, -0.59%GOOG, -0.64%
through driverless-car unit Waymo, which they estimated has an enterprise value of $175 billion. Baidu Inc.
BIDU, +0.89%
also made the list as one of the early movers in driverless cars in China.

In the semiconductor industry, the analysts highlighted Ambarella Inc.
AMBA, +2.77%
which they said offers the most upside; Nvidia Corp.
NVDA, -1.47%
which recently has introduced products more specifically tailored to the auto market, and Xilinx Inc.
XLNX, -1.07%
which the analysts said is the No. 2 in advanced driver assistance systems semiconductor revenue behind Intel Corp.’s
INTC, +0.09%
Mobileye. Intel also made the list through Mobileye, the ADAS company it acquired in March 2017.

While Microsoft has not spoken of an autonomous vehicle program of their own, it works with a number of car companies supporting their initiatives, including Volkswagen AG
VOW, +1.23%
Volvo AB
VOLV.B, +1.52%
and Ford, the Morgan Stanley analysts said.

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